Tax Hacker Tuesday offers the path toward self directing your retirement account. Discover some good alternative investment strategies for your IRA and start to level the playing field with the wealthiest 1%. Do you want to control your own investments or do you want Wall Street to control your money?

Ultimately, you can dream of a tax system that works for you, or you can learn to hack the tax code on Tax Hacker Tuesday!

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Transcription

Speaker 1: This is Theriault Media.

Did you know that up to 50% of your lifetime income will be wiped out by taxes? What if you could stop this madness? Isn’t it about time you play on a level playing field with the wealthiest 1%?

Now, you can. Tim Berry, attorney-at-law, shares here each and every week current tactics and strategies that anyone can implement to hack the tax code. Protect your assets and keep what’s rightfully yours. It’s time for Tax Hacker Tuesday.

Bernie Garland: I would like to ask you a question, Tim.

Tim Berry: I thought you were going to ask them a question.

Bernie: No, I want to ask you a question.

Tim: [crosstalk 00:00:42]that was going to be interesting.

Bernie: Yeah, that would be interesting for them to respond. They can always do it by email.

Tim:We’ve got some zingers, too.

Bernie: My brother used to say, “What’s the matter for you, anyway?” What don’t they know about IRAs can hurt them?

They can’t answer, but I can ask you that question. What does the public not know about IRAs that can hurt them?

Tim:There’s a whole gamut of things. I don’t know if gamut is the right word. There’s a plethora of topics that they don’t know about IRAs that can hurt them, but let’s concentrate on one that’s very important, and that’s investments within IRAs.

Most people think that you have to invest your IRA in a CD, in a mutual fund with Wall Street, whatever, but an IRA is nothing more than a trust. So an IRA can invest in pretty much anything that a trust can invest in.

Bernie, what are some good ideas of alternative investments?

Bernie: How about real estate?

Tim: Real estate. No problem whatsoever. Stop and think about that.

If you do things correctly, you can get massive leverage on real estate and you can get that massive leverage inside of your retirement plan. By the way, whenever we’re talking about retirement plans, Bernie, what’s this apply to?

Bernie: It applies to IRAs and 401Ks.

Tim:IRAs and 401Ks. So you can self-direct. You can manage your own investments.

Bernie: You? You can control your own destiny and not Wall Street?

Tim:Yeah, that’s a mind blower, isn’t it? Most people think they have to hire somebody to manage investments there. No. You can go out – buy the real estate inside IRA. You make the decision.

Bernie: I didn’t know that.

Tim: Yeah. Hard money loans.

Bernie: Yes I did.

Tim: You did know that?

Bernie: I did know that, yeah. I was just…

Tim:Rhetorical.

Bernie: I was playing to the camera.

Tim: Okay.

Bernie: So the answer is, do you want to control your own investments, or do you want Wall Street to control your investments? And there’s two ways to do it is that interact with your 401K but Tim, you’ve got to explain to the folks out there the difference of why everybody can’t have a 401K and what are the parameters.

Tim:A 401K is a much better vehicle for most people to use, but you have to have an active business in order to sponsor a 401K. Those of you who are real estate agents, you can sponsor your own 401K and almost do insider trading. You can buy the great real estate deals that come across your desk. Insurance agents, they can sponsor a 401K. So you need to have a business sponsor a 401K.

Let me flip back to real estate agents real fast. What a great idea. What a great concept to take to your clients about your IRA, your retirement plan, can go out and purchase real estate. Your IRA, your retirement plan, can go make hard money loans, loans for others to buy real estate. What a great opportunity for them and what a great opportunity for you.

Bernie: Called checkbook authority over your own IRA funds.

Tim:It really is.

Bernie: Without causing the distributing.

Tim: Without causing a distribution.

Bernie: See a lot of people don’t understand this. They say, “Wait a minute. I can take my IRA and I can have checkbook authority over my IRA and invest in real estate? What a great idea.”

Real estate agents, start calling your people in Minnesota, in Nova Scotia, and everything and say, “Let’s use your IRAs to invest in a piece of property in this wonderful, wonderful Conchel Valley.”

Tim: I totally agree, sir.

Bernie: So the 401Ks can be used that way if you have your own business.

Tim:Yes.

Bernie: And IRA, you can utilize the same thing, investment strategies. So what’s wrong with this picture?

Tim: Nothing. I think that’s a wrap.

Bernie: It is a wrap.

Speaker 1: That’s it for today as we dream of a tax system that works just for you. But until then, you have Tim Berry. See you next Tuesday for another episode of Tax Hacker Tuesday.

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